Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 18, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | RUDOLPH TECHNOLOGIES INC | |
Entity Central Index Key | 1,094,392 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 31,208,881 |
Statements of Financial Positio
Statements of Financial Position Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents, at Carrying Value | $ 32,984 | $ 43,114 |
Marketable Securities, Current | 122,270 | 113,871 |
Accounts Receivable, Net, Current | 61,339 | 51,603 |
Inventory, Net | 72,604 | 63,344 |
Deferred Tax Assets, Net, Current | 8,986 | 8,986 |
Prepaid Expense and Other Assets | 8,961 | 9,403 |
Assets, Current | 307,144 | 290,321 |
Property, Plant and Equipment, Net | 12,178 | 12,938 |
Goodwill | 22,495 | 22,495 |
Intangible Assets, Net (Excluding Goodwill) | 13,498 | 9,042 |
Other Assets, Noncurrent | 31,281 | 31,841 |
Assets | 386,596 | 366,637 |
Liabilities, Current [Abstract] | ||
Accounts Payable and Accrued Liabilities | 24,853 | 17,747 |
Convertible Debt, Current | 57,251 | 0 |
Other Liabilities, Current | 24,095 | 17,188 |
Liabilities, Current | 106,199 | 34,935 |
Convertible senior notes | 0 | 54,773 |
Other Liabilities, Noncurrent | 10,554 | 9,601 |
Liabilities | $ 116,753 | $ 99,309 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $ 31 | $ 32 |
Additional Paid in Capital, Common Stock | 397,082 | 409,562 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,729) | (2,652) |
Retained Earnings (Accumulated Deficit) | (124,541) | (139,614) |
Stockholders' Equity Attributable to Parent | 269,843 | 267,328 |
Liabilities and Equity | $ 386,596 | $ 366,637 |
Statements of Financial Positi3
Statements of Financial Position B/S Parenthetical - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 1,396 | $ 1,279 |
Statements of Income Statement
Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
Cost of Revenue | 26,685 | 22,000 | 77,871 | 61,794 |
Gross Profit | 31,912 | 24,960 | 92,762 | 69,833 |
Operating Expenses [Abstract] | ||||
Research and Development Expense | 10,032 | 9,631 | 30,899 | 30,477 |
Selling, General and Administrative Expense | 9,372 | 10,262 | 33,379 | 42,328 |
Amortization of Intangible Assets | 515 | 567 | 1,545 | 1,907 |
Operating Expenses | 19,919 | 20,460 | 65,823 | 74,712 |
Operating Income (Loss) | 11,993 | 4,500 | 26,939 | (4,879) |
Interest Expense, net | 1,440 | 1,328 | 4,207 | 3,950 |
Total other expenses (income) | (327) | 337 | 99 | 372 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,880 | 2,835 | 22,633 | (9,201) |
Income Tax Expense (Benefit) | 3,682 | 3,833 | 7,560 | (3,067) |
Net Income (Loss) Attributable to Parent | $ 7,198 | $ (998) | $ 15,073 | $ (6,134) |
Earnings (Loss) Per Share, Basic | $ 0.23 | $ (0.03) | $ 0.48 | $ (0.18) |
Earnings (Loss) Per Share, Diluted | $ 0.22 | $ (0.03) | $ 0.47 | $ (0.18) |
Weighted Average Number of Shares Outstanding, Basic | 31,526 | 33,237 | 31,597 | 33,205 |
Weighted Average Number of Shares Outstanding, Diluted | 32,204 | 33,237 | 32,255 | 33,205 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income (Loss) Attributable to Parent | $ 7,198 | $ (998) | $ 15,073 | $ (6,134) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 33 | 161 | 27 | 188 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (560) | (286) | (104) | (59) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 6,671 | $ (1,123) | $ 14,996 | $ (6,005) |
Statements of Cash Flows Statem
Statements of Cash Flows Statement - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income (Loss) Attributable to Parent | $ 15,073 | $ (6,134) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Amortization | 1,545 | 1,912 |
Amortization of Financing Costs and Discounts | 2,797 | 2,514 |
Depreciation | 2,912 | 3,042 |
Foreign Currency Transaction Gain (Loss), before Tax | 99 | 372 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | (541) | (111) |
Share-based Compensation | 6,332 | 4,741 |
Provision for doubtful accounts and inventory valuation | 2,753 | 2,974 |
Increase (Decrease) in Deferred Income Taxes | 0 | 65 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (10,316) | (11,361) |
Net Cash Provided by (Used in) Operating Activities | 20,654 | (1,986) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Intangible Assets | (3,000) | 0 |
Payments to Acquire Marketable Securities | (183,690) | (172,323) |
Proceeds from Sale and Maturity of Marketable Securities | 175,482 | 145,015 |
Payments to Acquire Property, Plant, and Equipment | (2,247) | (1,442) |
Net Cash Provided by (Used in) Investing Activities | (13,455) | (28,750) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Payments for Repurchase of Common Stock | (17,143) | (2,330) |
Proceeds from (Payments for) Other Financing Activities | (141) | (194) |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 174 | 200 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 67 | 67 |
Net Cash Provided by (Used in) Financing Activities | (17,043) | (2,257) |
Effect of Exchange Rate on Cash and Cash Equivalents | (286) | (169) |
Cash and Cash Equivalents, Period Increase (Decrease) | (10,130) | (33,162) |
Cash and Cash Equivalents, at Carrying Value | 32,984 | 47,628 |
Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid | 1,210 | 1,900 |
Interest Paid | $ 2,250 | $ 2,250 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Nature of Operations: [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared by Rudolph Technologies, Inc. (the “Company” or “Rudolph”) and in the opinion of management reflect all adjustments, consisting of normal recurring accruals, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ materially from reported amounts. The interim results for the three and nine month periods ended September 30, 2015 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 10-K”) filed with the Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements included in the 2014 10-K. Summary of Significant Accounting Policies: Except as set forth below, there were no material changes to the Company’s summary of significant accounting policies as discussed in Note 2 of its 2014 10-K. The disclosure of the following significant accounting policy has been updated from that as originally presented in Note 2 of the Company’s 2014 10-K. Inventories: Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis, and include material, labor and manufacturing overhead costs. The Company reviews and sets standard costs as needed, but at a minimum on an annual basis, at current manufacturing costs in order to approximate actual costs. Demonstration units, which are available for sale, are stated at their manufacturing costs and reserves are recorded to adjust the demonstration units to their net realizable value, if lower than cost. The Company evaluates inventories for excess quantities and obsolescence. The Company establishes inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about historical and future demand for the Company’s products and market conditions. In addition, inventories are evaluated for potential obsolescence due to the effect of known and anticipated engineering design changes. Once a reserve has been established, it is maintained until the item to which it relates is scrapped or sold. The disclosure of the following significant accounting policy has been added. Contingencies and Litigation: The Company is subject to the possibility of losses from various contingencies, including certain legal proceedings, lawsuits and other claims. The Company accrues for a loss contingency when it concludes that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. If the Company concludes that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. The Company expenses as incurred the costs of defending legal claims against the Company. The Company does not recognize gain contingencies until realized. See Note 8, “Commitments and Contingencies” for a detailed description. Reclassifications Certain prior period amounts have been reclassified to conform to current financial statement presentation. These amounts include the reclassification of a portion of deferred revenue from Other current liabilities to Other non-current liabilities in the Condensed Consolidated Balance Sheets and such amounts were not material to current and prior periods. Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-16, “Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments.” This standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is in the process of determining the effect that adoption of ASU 2015-16 will have on its consolidated financial position, results of operations, and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330), Simplifying the Measurement of Inventory.” This ASU is intended to simplify subsequent measurement of inventory. An entity should measure inventory within a scope of this ASU at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. The Company is in the process of determining the effect that adoption of ASU 2015-11 will have on its consolidated financial position, results of operations, and cash flows. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs.” This standard is intended to simplify the presentation of debt issuance costs. The amendment in this ASU requires that debt issuance cost related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of this new standard will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In December 2014, the FASB issued ASU No.2014-12, “Compensation - Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The guidance reflects the EITF consensus that an award with a performance target that affects vesting and that could be achieved after an employee completes the requisite service period (i.e., the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target could be achieved) should be treated as a performance condition. That is, the performance target is not reflected in the determination of the grant date fair value of the award. Compensation cost attributable to the period for which requisite service has been rendered would be recognized in the period it becomes probable that the performance condition will be achieved. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of this new standard will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance. In July 2015, the FASB deferred for one year the effective date of the new revenue standard, but early adoption will be permitted. The new standard will be effective for the Company on January 1, 2018. ASU 2014-09 allows for two methods of adoption: (a) “full retrospective” adoption, meaning the standard is applied to all periods presented, or (b) “modified retrospective” adoption, meaning the cumulative effect of applying ASU 2014-09 is recognized as an adjustment to the 2018 opening retained earnings balance. The Company is in the process of determining the adoption method as well as the effects the adoption of ASU 2014-09 will have on its consolidated financial position, results of operations, and cash flows. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2015 and December 31, 2014 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant September 30, 2015 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 122,270 $ — $ 122,270 $ — Total Assets $ 122,270 $ — $ 122,270 $ — Liabilities: Foreign currency forward contracts 50 — 50 — Contingent consideration - acquisitions $ 4,382 $ — $ — $ 4,382 Total Liabilities $ 4,432 $ — $ 50 $ 4,382 December 31, 2014 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 113,871 $ — $ 113,871 $ — Foreign currency forward contracts 222 — 222 — Total Assets $ 114,093 $ — $ 114,093 $ — Liabilities: Contingent consideration - acquisitions $ 5,064 $ — $ — $ 5,064 Total Liabilities $ 5,064 $ — $ — $ 5,064 The Company’s investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Available-for-sale debt securities prices are obtained from third party pricing providers, which models prices utilizing the above observable inputs, for each asset class. Level 3 investments consisted of contingent consideration related to an acquisition for which the Company uses a discounted cash flow model to value investment. The Level 3 assumptions used in the discounted cash flow model for the contingent consideration included projected revenues, estimates of discount rates of 10.2% and timing of cash flows. A significant decrease in the projected revenues or increase in discount rates could result in a significantly lower fair value measurement for the contingent consideration. This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2015 : Fair Value Measurements Using Balance at December 31, 2014 $ 5,064 Additions — Total gain included in selling, general and administrative expense (541 ) Payments (141 ) Transfers into (out of) Level 3 — Balance at September 30, 2015 $ 4,382 See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities. Fair Value of Other Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value, using available market information and appropriate valuation methods. The Company’s convertible senior notes are not publicly traded. The estimated fair value of the Company’s convertible senior notes was valued using a discounted cash flow model. The Level 3 assumptions, based on data available at the valuation date used in preparing the discounted cash flow model, included estimates of interest rates, timing and amount of cash flows and expected holding periods of the convertible senior notes. The fair value of the contingent interest associated with the convertible senior notes is valued quarterly using the present value under an expected cash flow model incorporating the probabilities of the contingent events occurring. The following table reflects information pertaining to the Company’s convertible senior notes: September 30, 2015 December 31, 2014 Net carrying value of convertible senior notes $ 57,251 $ 54,773 Estimated fair value of convertible senior notes $ 59,886 $ 59,916 Estimated interest rate used in discounted cash flow model 5.0 % 5.0 % Fair value of contingent interest $ — $ — |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities [Text Block] | Marketable Securities The Company has evaluated its investment policies and determined that all of its investment securities are to be classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ Equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses on available-for-sale securities are included in “Other expense (income)” in the Condensed Consolidated Statements of Operations. The Company records other-than-temporary impairment charges for its available-for-sale investments when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at September 30, 2015 and December 31, 2014 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At September 30, 2015 and December 31, 2014 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 30, 2015 Municipal notes and bonds $ 122,211 $ 61 $ 2 $ 122,270 Total marketable securities $ 122,211 $ 61 $ 2 $ 122,270 December 31, 2014 Municipal notes and bonds $ 113,838 $ 37 $ 4 $ 113,871 Total marketable securities $ 113,838 $ 37 $ 4 $ 113,871 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 109,863 $ 109,901 $ 107,151 $ 107,177 Due after one through five years 12,348 12,369 6,687 6,694 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 122,211 $ 122,270 $ 113,838 $ 113,871 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at September 30, 2015 and December 31, 2014 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2015 Municipal notes and bonds $ 14,683 $ 2 $ — $ — Total $ 14,683 $ 2 $ — $ — December 31, 2014 Municipal notes and bonds $ 26,698 $ 4 $ — $ — Total $ 26,698 $ 4 $ — $ — See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activities The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At September 30, 2015 and December 31, 2014 , these contracts included the future sale of Japanese Yen to purchase U.S. dollars. Derivative instruments are recognized as either prepaid expenses and other current assets or other current liabilities in the Condensed Consolidated Balance Sheets and are measured at fair value. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to economically hedge a portion of certain intercompany obligations. The forward contracts are not designated as hedges for accounting purposes and a decrease in the fair value of $272 for the nine month period ended September 30, 2015 and an increase in the fair value of $132 for the nine month period ended September 30, 2014 , are recorded within the caption “Other expense (income)” in the Condensed Consolidated Statements of Operations. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Notional amount $ 3,314 $ 1,610 Fair value of asset (liability) $ (50 ) $ 222 |
Identifiable Intangible Assets
Identifiable Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Purchased Intangible Assets Goodwill The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2014 $ 22,495 Goodwill acquired during period — Balance at September 30, 2015 $ 22,495 Purchased Intangible Assets Purchased intangible assets as of September 30, 2015 and December 31, 2014 are as follows: Gross Carrying Amount Accumulated Amortization Net September 30, 2015 Finite-lived intangibles: Developed technology $ 65,831 $ 54,623 $ 11,208 Customer and distributor relationships 9,561 8,082 1,479 Trade names 4,361 3,550 811 Total identifiable intangible assets $ 79,753 $ 66,255 $ 13,498 December 31, 2014 Finite-lived intangibles: Developed technology $ 59,831 $ 53,417 $ 6,414 Customer and distributor relationships 9,560 7,818 1,742 Trade names 4,361 3,475 886 Total identifiable intangible assets $ 73,752 $ 64,710 $ 9,042 Intangible asset amortization expense for the three and nine months ended September 30, 2015 was $515 and $1,545 , respectively. For the three and nine months ended September 30, 2014 , intangible assets amortization expense was $567 and $1,907 , respectively. Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, estimated amortization expense for the remainder of 2015 will be $593 , and for each of the next five years estimated amortization expense amounts to $2,294 for 2016 , $1,906 for 2017 , $1,470 for 2018 , $1,470 for 2019 , and $1,267 for 2020 . |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details [Text Block] | Balance Sheet Details Inventories Inventories are comprised of the following: September 30, 2015 December 31, 2014 Materials $ 39,041 $ 29,092 Work-in-process 19,634 20,424 Finished goods 13,929 13,828 Total inventories $ 72,604 $ 63,344 The Company has established reserves of $8,349 and $7,000 as of September 30, 2015 and December 31, 2014 , respectively, for slow moving and obsolete inventory, which are included in the amounts above. Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: September 30, 2015 December 31, 2014 Land and building $ 5,024 $ 5,024 Machinery and equipment 21,870 20,277 Furniture and fixtures 3,400 3,387 Computer equipment 6,173 5,819 Leasehold improvements 7,758 7,774 44,225 42,281 Less: Accumulated depreciation 32,047 29,343 Total property, plant and equipment, net $ 12,178 $ 12,938 Other assets Other assets is comprised of the following: September 30, 2015 December 31, 2014 Deferred income taxes $ 30,348 $ 30,348 Other 933 1,493 Total other assets $ 31,281 $ 31,841 Other current liabilities Other current liabilities is comprised of the following: September 30, 2015 December 31, 2014 Litigation accrual $ 3,252 $ 3,252 Deferred revenue 7,283 7,045 Income taxes payable 4,969 — Contingent consideration - acquisitions 1,299 1,267 Other 7,292 5,624 Total other current liabilities $ 24,095 $ 17,188 Other non-current liabilities Other non-current liabilities is comprised of the following: September 30, 2015 December 31, 2014 Unrecognized tax benefits (including interest) $ 3,086 $ 3,178 Contingent consideration - acquisitions 3,083 3,797 Other 4,385 2,626 Total other non-current liabilities $ 10,554 $ 9,601 |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Debt Obligations [Abstract] | |
Debt Disclosure [Text Block] | Debt Obligations On July 25, 2011 , the Company issued $60,000 aggregate principal amount of 3.75% Convertible Senior Notes due 2016 (the “Notes”) at par. The Notes were issued pursuant to an indenture, dated as of July 25, 2011 , between the Company and Bank of New York Mellon Trust Company, N.A., as Trustee, which includes a form of Note. The Notes provide for the payment of interest semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2012 , at an annual rate of 3.75% and will mature on July 15, 2016 , unless earlier converted or repurchased. The Notes may be converted, under certain circumstances, based on an initial conversion rate of 77.241 shares of Company common stock per $1 principal amount of Notes, which represents an initial conversion price of approximately $12.95 per share. Concurrently with the issuance of the Notes, the Company purchased a convertible note hedge and sold a warrant. Each of the convertible note hedge and warrant transactions were entered into with an affiliate of the initial purchaser of the Notes. The convertible note hedge is intended to reduce the potential future dilution to the Company’s common stock associated with the conversion of the Notes. However, the warrant transaction will have a dilutive effect on the Company’s earnings per share to the extent that the price of the Company’s common stock exceeds the strike price of the warrant. The strike price of the warrant is $17.00 per share subject to adjustment in accordance with the terms of the agreement. The net proceeds to the Company from the sale of the Notes, including the convertible note hedge and warrant, were $50,249 . The following table reflects the net carrying value of the Notes: September 30, 2015 December 31, 2014 Convertible senior notes $ 60,000 $ 60,000 Less: Unamortized interest discount 2,749 5,227 Net carrying value of convertible senior notes $ 57,251 $ 54,773 The following table presents the amount of interest cost recognized relating to the Notes during the three and nine months ended September 30, 2015 and September 30, 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual interest coupon $ 562 $ 563 $ 1,687 $ 1,688 Amortization of interest discount 852 772 2,478 2,246 Amortization of debt issuance costs 112 94 319 268 Total interest cost recognized $ 1,526 $ 1,429 $ 4,484 $ 4,202 The remaining bond discount of the Notes of $2,749 , as of September 30, 2015 , will be amortized over the remaining life of the Notes. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Warranty Reserves The Company generally provides a warranty on its products for a period of twelve to fifteen months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 15 months prior to the quarter-end and warranty accruals are related to sales during the year. Changes in the Company’s warranty reserves are as follows: Nine Months Ended September 30, 2015 2014 Balance, beginning of the period $ 1,574 $ 1,551 Accruals 1,937 1,471 Less: Usage 1,651 1,527 Balance, end of the period $ 1,860 $ 1,495 Warranty reserves are reported in the Condensed Consolidated Balance Sheets within the caption “Accounts payable and accrued liabilities.” Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The Company’s 2014 10-K reflects the status of the Company’s litigation with Integrated Technology Corporation (“ITC”) and Camtek, Ltd. (“Camtek”). The following reflects the material developments during the nine months ended September 30, 2015 with regard to these matters. Integrated Technology Corporation v. Rudolph Technologies, Inc., No. CV-06-2182 (PHX-ROS) : This matter is fully resolved with the sole exception of the issue of remanded attorney’s fees which were set by the District Court at $3,252 . A hearing regarding the Company’s appeal of this order was held on October 6, 2015 and the U.S. Federal Court of Appeals subsequently issued a ruling that the award was improperly established, vacated the amount of the award and remanded the matter back to the Distric Court for a determination of a proper fee award. The Company believes that it has meritorious defenses regarding this issue and intends to continue to vigorously prosecute the matter. The $3,252 is held in escrow and is recorded in “Prepaid expenses and other current assets” in the Consolidated Balance Sheet at September 30, 2015 . The corresponding liability is recorded under the caption “Other current liabilities” in the Condensed Consolidated Balance Sheet at September 30, 2015 . The Company expects this to be the maximum liability reasonably possible for the attorney’s fees, excluding interest, for this lawsuit with respect to both the pre-August 2007 and the post-2007 August tools which were the subject of this action. August Technology Corporation and Rudolph Technologies, Inc. v. Camtek, Ltd., No. 05-CV-01396 (JRT/FLN) : Subsequent to the District Court’s ruling in the Company’s favor that Camtek’s Falcon tools continue to infringe the Company’s patent under the revised claim construction of the patent determined by the U.S. Federal Court of Appeals, the District Court, on February 9, 2015, issued an Order granting the Company’s Motion for Final Judgment, reinstating the original damages and applying prejudgment interest for a total award of $14,512 . In addition, the District Court issued a permanent injunction against Camtek from “making, using, selling and offering to sell any of its Falcon machines and any machines that are colorable imitations thereof in the United States, intended for sale and use within the United States, until the expiration of the ‘6,298 patent,” which is projected to be in 2020. Camtek filed a notice of appeal of the District Court’s Order on March 11, 2015 and the appeal is currently pending. August Technology Corporation and Rudolph Technologies, Inc. v. Camtek, Ltd., No. 10-CV-2202 (MJD/FLN) : With regard to the Company’s subsequently filed lawsuit against Camtek alleging infringement of its U.S. Patent No. 7,729,528, this lawsuit continues to be stayed pending resolution of a re-examination petition filed by Camtek with the U.S. Patent and Trademark Office. Rudolph Technologies, Inc. v. Camtek, Ltd., No. 15-CV-1246 (ADM/BRT) : On March 12, 2015, the Company filed and served on Camtek a complaint asserting infringement of Rudolph ‘6,298 patent by Camtek’s Eagle product with the U.S. District Court in Minnesota. On April 21, 2015, the Company filed a Motion for Preliminary Injunction to enjoin Camtek’s sale of the Eagle device in the United States which is currently pending. On or about April 20, 2015, Camtek filed a complaint in the U.S. District Court in New Jersey seeking a declaratory judgment challenging the jurisdiction and venue of the Minnesota court and seeking to have the court find that the ‘6,298 patent is not infringed and, in the alternative, that the ‘6,298 patent is invalid. On August 26, 2015, the U.S. District Court in Minnesota ruled that Minnesota jurisdiction was appropriate for this matter while at the same time denying the Company’s Motion for Preliminary Injunction. Camtek’s complaint filed in the U.S. District Court in New Jersey was subsequently dismissed. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s nonvested restricted stock unit activity with respect to the nine months ended September 30, 2015 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 805 $ 11.07 Granted 841 $ 10.61 Less: Vested 559 $ 10.26 Less: Forfeited 31 $ 11.02 Nonvested at September 30, 2015 1,056 $ 11.14 As of September 30, 2015 and December 31, 2014 , there was $7,632 and $5,492 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 2.4 years and 3.3 years for the respective periods. |
Other Expense (Income)
Other Expense (Income) | 9 Months Ended |
Sep. 30, 2015 | |
Other Income (Expense) [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other Expense (Income) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign currency exchange losses (gains), net $ (327 ) $ 337 $ 99 $ 372 Total other expense (income) $ (327 ) $ 337 $ 99 $ 372 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table provides details of income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income (loss) before income taxes $ 10,880 $ 2,835 $ 22,633 $ (9,201 ) Provision (benefit) for income taxes $ 3,682 $ 3,833 $ 7,560 $ (3,067 ) Effective tax rate 33.8 % 135.2 % 33.4 % 33.3 % The income tax provision for the three and nine months ended September 30, 2015 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The changes in the Company’s effective tax rate for the nine months ended September 30, 2015 compared to the same period for the prior year are primarily due to the mix of forecasted earnings by jurisdictions and the availability of utilizing the Section 199 manufacturing deduction in 2015 compared to a book loss in 2014 and the impact of foreign tax expense in excess of foreign tax credits generated. The Company currently has a partial valuation allowance recorded for certain foreign and state net operating loss and credit carryforwards where the realizability of such deferred tax assets is substantially in doubt. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including prudent and feasible tax planning strategies and forecasted earnings in assessing the need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of the remaining valuation allowance in future periods, if appropriate. The Company has a recorded valuation allowance against certain of its deferred tax assets of $1,910 as of September 30, 2015 and $2,445 as of December 31, 2014. |
Restructuring and asset impairm
Restructuring and asset impairment (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and Asset Impairment Charges The table below provides the activity related to restructuring charges and the remaining liability as of September 30, 2015 : Restructuring obligations at December 31, 2014 $ 764 Restructuring costs incurred — Cash payments (665 ) Restructuring obligations at September 30, 2015 $ 99 During 2014, the Company implemented restructuring initiatives designed to reduce the Company’s cost structure. In connection with this strategy, the Company reduced its global headcount by approximately 9.0% and closed its facility in Mainz, Germany relocating the operations to its facilities in Snoqualmie, Washington and Bloomington, Minnesota, which was completed as of March 31, 2015. The Company anticipates the remaining restructuring obligation to be paid by December 31, 2015 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings (Loss) Per Share Basic earnings (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. For the nine months ended September 30, 2015 , the weighted average number of stock options and restricted stock units excluded from the computation of diluted earnings per share were 238 and 0 , respectively. For the nine months ended September 30, 2014 , all outstanding stock options and restricted stock units totaling 654 and 1,247 , respectively, were excluded from the computation of diluted loss per share because the effect in the periods would be anti-dilutive. Diluted earnings per share-weighted average shares outstanding do not include any effect resulting from assumed conversion of the Notes and warrants as their impact would be anti-dilutive. The Company’s basic and diluted earnings (loss) per share amounts are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ 7,198 $ (998 ) $ 15,073 $ (6,134 ) Denominator: Basic earnings (loss) per share - weighted average shares outstanding 31,526 33,237 31,597 33,205 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 678 — 658 — Diluted earnings (loss) per share - weighted average shares outstanding 32,204 33,237 32,255 33,205 Earnings (loss) per share: Basic $ 0.23 $ (0.03 ) $ 0.48 $ (0.18 ) Diluted $ 0.22 $ (0.03 ) $ 0.47 $ (0.18 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss Comprehensive income includes net income, foreign currency translation adjustments, and net unrealized gains and losses on available-for-sale investments. See the Consolidated Statements of Comprehensive Income for the effect of the components of comprehensive income on the Company’s net income. The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized losses on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2014 $ 2,685 $ (33 ) $ 2,652 Net current period other comprehensive loss (income) 104 (27 ) 77 Reclassifications — — — Ending balance, September 30, 2015 $ 2,789 $ (60 ) $ 2,729 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting and Geographic Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, advanced packaging lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection, metrology, advanced packaging lithography, and process control software systems used by microelectronics device manufacturers, and therefore the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the reporting segment level. The following table lists the different sources of revenue: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Systems and Software: Inspection $ 35,812 61 % $ 23,134 49 % $ 96,499 57 % $ 63,987 49 % Metrology 3,931 7 % 2,692 6 % 21,176 12 % 13,093 10 % Data Analysis and Review 6,992 12 % 5,463 12 % 19,928 12 % 18,393 14 % Lithography 3,249 6 % 7,304 16 % 7,095 4 % 10,961 8 % Parts 6,176 10 % 4,939 10 % 17,627 10 % 15,051 11 % Services 2,437 4 % 3,428 7 % 8,308 5 % 10,142 8 % Total revenue $ 58,597 100 % $ 46,960 100 % $ 170,633 100 % $ 131,627 100 % For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 United States $ 9,455 $ 19,683 $ 38,876 $ 39,320 Taiwan 9,035 14,592 38,623 34,774 Japan 2,881 1,236 8,113 7,589 China 6,529 1,807 13,474 8,932 South Korea 2,945 1,434 13,184 9,873 Singapore 10,568 1,890 20,847 12,707 Other Asia 1,571 52 2,428 1,821 Germany 8,716 3,166 24,741 8,418 Other Europe 6,897 3,100 10,347 8,193 Total revenue $ 58,597 $ 46,960 $ 170,633 $ 131,627 There were no customers that accounted for more than 10% of total revenues for nine months ended September 30, 2015 and 2014. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2015 | |
Share Repurchase Program [Abstract] | |
Share Repurchase [Text Block] | Share Repurchase Authorization In 2008, the Board of Directors authorized the Company to repurchase up to 3,000 shares of the Company’s common stock with no established end date. The authorization allows for repurchases to be made in the open market or through negotiated transactions from time to time. As of December 31, 2014, the Company had repurchased 1,353 shares of common stock. In January 2015, the Board of Directors authorized the purchase of an additional 1,353 shares, bringing the total repurchase authorization back to 3,000 shares as of such date. During the three and nine months ended September 30, 2015, the Company repurchased 468 and 1,401 shares of common stock, respectively. At September 30, 2015 , there were 1,599 shares available for future stock repurchases under this repurchase authorization. Shares of common stock purchased under the share repurchase authorization are retired. The following table summarizes the Company’s stock repurchases for the three and nine month periods ended September 30, 2015 and 2014, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Shares of common stock repurchased 468 138 1,401 238 Cost of stock repurchased $5,946 $1,344 $17,143 $2,331 Average price paid per share $12.70 $9.78 $12.24 $9.81 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2015 and December 31, 2014 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant September 30, 2015 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 122,270 $ — $ 122,270 $ — Total Assets $ 122,270 $ — $ 122,270 $ — Liabilities: Foreign currency forward contracts 50 — 50 — Contingent consideration - acquisitions $ 4,382 $ — $ — $ 4,382 Total Liabilities $ 4,432 $ — $ 50 $ 4,382 December 31, 2014 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 113,871 $ — $ 113,871 $ — Foreign currency forward contracts 222 — 222 — Total Assets $ 114,093 $ — $ 114,093 $ — Liabilities: Contingent consideration - acquisitions $ 5,064 $ — $ — $ 5,064 Total Liabilities $ 5,064 $ — $ — $ 5,064 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2015 : Fair Value Measurements Using Balance at December 31, 2014 $ 5,064 Additions — Total gain included in selling, general and administrative expense (541 ) Payments (141 ) Transfers into (out of) Level 3 — Balance at September 30, 2015 $ 4,382 |
Fair value convertible senior notes [Table Text Block] | The following table reflects information pertaining to the Company’s convertible senior notes: September 30, 2015 December 31, 2014 Net carrying value of convertible senior notes $ 57,251 $ 54,773 Estimated fair value of convertible senior notes $ 59,886 $ 59,916 Estimated interest rate used in discounted cash flow model 5.0 % 5.0 % Fair value of contingent interest $ — $ — |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of marketable securities by category [Table Text Block] | At September 30, 2015 and December 31, 2014 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value September 30, 2015 Municipal notes and bonds $ 122,211 $ 61 $ 2 $ 122,270 Total marketable securities $ 122,211 $ 61 $ 2 $ 122,270 December 31, 2014 Municipal notes and bonds $ 113,838 $ 37 $ 4 $ 113,871 Total marketable securities $ 113,838 $ 37 $ 4 $ 113,871 |
Schedule of marketable securities classified by contractual maturity date [Table Text Block] | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 109,863 $ 109,901 $ 107,151 $ 107,177 Due after one through five years 12,348 12,369 6,687 6,694 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 122,211 $ 122,270 $ 113,838 $ 113,871 |
Schedule of marketable securities in unrealized loss positions [Table Text Block] | The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at September 30, 2015 and December 31, 2014 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2015 Municipal notes and bonds $ 14,683 $ 2 $ — $ — Total $ 14,683 $ 2 $ — $ — December 31, 2014 Municipal notes and bonds $ 26,698 $ 4 $ — $ — Total $ 26,698 $ 4 $ — $ — |
Derivative Instruments and He25
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Notional amount $ 3,314 $ 1,610 Fair value of asset (liability) $ (50 ) $ 222 |
Identifiable Intangible Asset26
Identifiable Intangible Assets and Goodwill - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Identifiable Intangible Assets and Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2014 $ 22,495 Goodwill acquired during period — Balance at September 30, 2015 $ 22,495 |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Purchased intangible assets as of September 30, 2015 and December 31, 2014 are as follows: Gross Carrying Amount Accumulated Amortization Net September 30, 2015 Finite-lived intangibles: Developed technology $ 65,831 $ 54,623 $ 11,208 Customer and distributor relationships 9,561 8,082 1,479 Trade names 4,361 3,550 811 Total identifiable intangible assets $ 79,753 $ 66,255 $ 13,498 December 31, 2014 Finite-lived intangibles: Developed technology $ 59,831 $ 53,417 $ 6,414 Customer and distributor relationships 9,560 7,818 1,742 Trade names 4,361 3,475 886 Total identifiable intangible assets $ 73,752 $ 64,710 $ 9,042 |
Balance Sheet Details - (Tables
Balance Sheet Details - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories Inventories are comprised of the following: September 30, 2015 December 31, 2014 Materials $ 39,041 $ 29,092 Work-in-process 19,634 20,424 Finished goods 13,929 13,828 Total inventories $ 72,604 $ 63,344 |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: September 30, 2015 December 31, 2014 Land and building $ 5,024 $ 5,024 Machinery and equipment 21,870 20,277 Furniture and fixtures 3,400 3,387 Computer equipment 6,173 5,819 Leasehold improvements 7,758 7,774 44,225 42,281 Less: Accumulated depreciation 32,047 29,343 Total property, plant and equipment, net $ 12,178 $ 12,938 |
Schedule of Other Assets [Table Text Block] | Other assets Other assets is comprised of the following: September 30, 2015 December 31, 2014 Deferred income taxes $ 30,348 $ 30,348 Other 933 1,493 Total other assets $ 31,281 $ 31,841 |
Other Current liabilities [Table Text Block] | Other current liabilities Other current liabilities is comprised of the following: September 30, 2015 December 31, 2014 Litigation accrual $ 3,252 $ 3,252 Deferred revenue 7,283 7,045 Income taxes payable 4,969 — Contingent consideration - acquisitions 1,299 1,267 Other 7,292 5,624 Total other current liabilities $ 24,095 $ 17,188 |
Other Non-current liabilities [Table Text Block] | Other non-current liabilities Other non-current liabilities is comprised of the following: September 30, 2015 December 31, 2014 Unrecognized tax benefits (including interest) $ 3,086 $ 3,178 Contingent consideration - acquisitions 3,083 3,797 Other 4,385 2,626 Total other non-current liabilities $ 10,554 $ 9,601 |
Debt Obligations - (Tables)
Debt Obligations - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Obligations [Abstract] | |
Schedule of carrying value of convertible senior notes [Table Text Block] | The following table reflects the net carrying value of the Notes: September 30, 2015 December 31, 2014 Convertible senior notes $ 60,000 $ 60,000 Less: Unamortized interest discount 2,749 5,227 Net carrying value of convertible senior notes $ 57,251 $ 54,773 |
Schedule of interest cost recognized on convertible senior notes [Table Text Block] | The following table presents the amount of interest cost recognized relating to the Notes during the three and nine months ended September 30, 2015 and September 30, 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual interest coupon $ 562 $ 563 $ 1,687 $ 1,688 Amortization of interest discount 852 772 2,478 2,246 Amortization of debt issuance costs 112 94 319 268 Total interest cost recognized $ 1,526 $ 1,429 $ 4,484 $ 4,202 |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of changes product warranty liability [Table Text Block] | Changes in the Company’s warranty reserves are as follows: Nine Months Ended September 30, 2015 2014 Balance, beginning of the period $ 1,574 $ 1,551 Accruals 1,937 1,471 Less: Usage 1,651 1,527 Balance, end of the period $ 1,860 $ 1,495 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Summary of restricted stock unit activity [Table Text Block] | A summary of the Company’s nonvested restricted stock unit activity with respect to the nine months ended September 30, 2015 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 805 $ 11.07 Granted 841 $ 10.61 Less: Vested 559 $ 10.26 Less: Forfeited 31 $ 11.02 Nonvested at September 30, 2015 1,056 $ 11.14 |
Other Income - (Tables)
Other Income - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign currency exchange losses (gains), net $ (327 ) $ 337 $ 99 $ 372 Total other expense (income) $ (327 ) $ 337 $ 99 $ 372 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule of effective tax rate [Table Text Block] | The following table provides details of income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income (loss) before income taxes $ 10,880 $ 2,835 $ 22,633 $ (9,201 ) Provision (benefit) for income taxes $ 3,682 $ 3,833 $ 7,560 $ (3,067 ) Effective tax rate 33.8 % 135.2 % 33.4 % 33.3 % |
Restructuring and asset impai33
Restructuring and asset impairment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The table below provides the activity related to restructuring charges and the remaining liability as of September 30, 2015 : Restructuring obligations at December 31, 2014 $ 764 Restructuring costs incurred — Cash payments (665 ) Restructuring obligations at September 30, 2015 $ 99 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The Company’s basic and diluted earnings (loss) per share amounts are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ 7,198 $ (998 ) $ 15,073 $ (6,134 ) Denominator: Basic earnings (loss) per share - weighted average shares outstanding 31,526 33,237 31,597 33,205 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 678 — 658 — Diluted earnings (loss) per share - weighted average shares outstanding 32,204 33,237 32,255 33,205 Earnings (loss) per share: Basic $ 0.23 $ (0.03 ) $ 0.48 $ (0.18 ) Diluted $ 0.22 $ (0.03 ) $ 0.47 $ (0.18 ) |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized losses on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2014 $ 2,685 $ (33 ) $ 2,652 Net current period other comprehensive loss (income) 104 (27 ) 77 Reclassifications — — — Ending balance, September 30, 2015 $ 2,789 $ (60 ) $ 2,729 |
Segment Reporting and Geograp36
Segment Reporting and Geographic Information - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting and Geographic Information [Abstract] | |
Schedule of revenue from external customers by Products and Services [Table Text Block] | The following table lists the different sources of revenue: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Systems and Software: Inspection $ 35,812 61 % $ 23,134 49 % $ 96,499 57 % $ 63,987 49 % Metrology 3,931 7 % 2,692 6 % 21,176 12 % 13,093 10 % Data Analysis and Review 6,992 12 % 5,463 12 % 19,928 12 % 18,393 14 % Lithography 3,249 6 % 7,304 16 % 7,095 4 % 10,961 8 % Parts 6,176 10 % 4,939 10 % 17,627 10 % 15,051 11 % Services 2,437 4 % 3,428 7 % 8,308 5 % 10,142 8 % Total revenue $ 58,597 100 % $ 46,960 100 % $ 170,633 100 % $ 131,627 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 United States $ 9,455 $ 19,683 $ 38,876 $ 39,320 Taiwan 9,035 14,592 38,623 34,774 Japan 2,881 1,236 8,113 7,589 China 6,529 1,807 13,474 8,932 South Korea 2,945 1,434 13,184 9,873 Singapore 10,568 1,890 20,847 12,707 Other Asia 1,571 52 2,428 1,821 Germany 8,716 3,166 24,741 8,418 Other Europe 6,897 3,100 10,347 8,193 Total revenue $ 58,597 $ 46,960 $ 170,633 $ 131,627 |
Share Repurchase Program - (Tab
Share Repurchase Program - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of common stock repurchased [Abstract] | |
share repurchase program [Table Text Block] | The following table summarizes the Company’s stock repurchases for the three and nine month periods ended September 30, 2015 and 2014, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Shares of common stock repurchased 468 138 1,401 238 Cost of stock repurchased $5,946 $1,344 $17,143 $2,331 Average price paid per share $12.70 $9.78 $12.24 $9.81 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | $ 122,270 | $ 113,871 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 222 | |
Assets, Fair Value Disclosure | 122,270 | 114,093 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 50 | |
Business Combination, Contingent Consideration, Liability | 4,382 | 5,064 |
Liabilities, Fair Value Disclosure | $ 4,432 | 5,064 |
Fair Value Inputs Discount Rate 3 | 10.20% | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 4,382 | 5,064 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | (541) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (141) | |
Fair Value, Level 3 Transfers out, Description | 0 | |
Convertible Debt | $ 57,251 | 54,773 |
Long-term Debt, Fair Value | $ 59,886 | $ 59,916 |
Fair Value Inputs Discount Rate 2 | 5.00% | 5.00% |
Long-term Debt, Contingent Payment of Principal or Interest | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | $ 0 | $ 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 122,270 | 113,871 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 222 | |
Assets, Fair Value Disclosure | 122,270 | 114,093 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 50 | |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Liabilities, Fair Value Disclosure | 50 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 0 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Business Combination, Contingent Consideration, Liability | 4,382 | 5,064 |
Liabilities, Fair Value Disclosure | $ 4,382 | $ 5,064 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 122,211 | $ 113,838 |
Available-for-sale Securities, Fair Value Disclosure | 122,270 | 113,871 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 109,863 | 107,151 |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 109,901 | 107,177 |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis | 12,348 | 6,687 |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 12,369 | 6,694 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 |
US Government and Government Agencies and Authorities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 122,211 | 113,838 |
Available-for-sale Securities, Gross Unrealized Gains | 61 | 37 |
Available-for-sale Securities, Gross Unrealized Losses | 2 | 4 |
Available-for-sale Securities, Fair Value Disclosure | 122,270 | 113,871 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,683 | 26,698 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 122,211 | 113,838 |
Available-for-sale Securities, Gross Unrealized Gains | 61 | 37 |
Available-for-sale Securities, Gross Unrealized Losses | 2 | 4 |
Available-for-sale Securities, Fair Value Disclosure | 122,270 | 113,871 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,683 | 26,698 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 0 | $ 0 |
Derivative Instruments and He40
Derivative Instruments and Hedging Activities - (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 272 | $ 132 | |
Derivative, Notional Amount | 3,314 | $ 1,610 | |
Derivative Asset, Fair Value, Gross Liability | $ (50) | ||
Derivative Asset, Fair Value, Gross Asset | $ 222 |
Identifiable Intangible Asset41
Identifiable Intangible Assets - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets and Goodwill [Line Items] | |||||
Goodwill | $ 22,495 | $ 22,495 | $ 22,495 | ||
Goodwill, Acquired During Period | 0 | ||||
Finite-Lived Intangible Assets, Gross | 79,753 | 79,753 | 73,752 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 66,255 | 66,255 | 64,710 | ||
Intangible Assets, Net (Excluding Goodwill) | 13,498 | 13,498 | 9,042 | ||
Amortization of Intangible Assets | 515 | $ 567 | 1,545 | $ 1,907 | |
Future Amortization Expense, Remainder of Fiscal Year | 593 | 593 | |||
Future Amortization Expense, Year One | 2,294 | 2,294 | |||
Future Amortization Expense, Year Two | 1,906 | 1,906 | |||
Future Amortization Expense, Year Three | 1,470 | 1,470 | |||
Future Amortization Expense, Year Four | 1,470 | 1,470 | |||
Future Amortization Expense, Year Five | 1,267 | 1,267 | |||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets and Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 65,831 | 65,831 | 59,831 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 54,623 | 54,623 | 53,417 | ||
Intangible Assets, Net (Excluding Goodwill) | 11,208 | 11,208 | 6,414 | ||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets and Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 9,561 | 9,561 | 9,560 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,082 | 8,082 | 7,818 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,479 | 1,479 | 1,742 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets and Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 4,361 | 4,361 | 4,361 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 3,550 | 3,550 | 3,475 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 811 | $ 811 | $ 886 |
Balance Sheet Details - Invento
Balance Sheet Details - Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Details [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 39,041 | $ 29,092 |
Inventory, Work in Process, Net of Reserves | 19,634 | 20,424 |
Inventory, Finished Goods, Net of Reserves | 13,929 | 13,828 |
Inventory, Net | 72,604 | 63,344 |
Inventory Valuation Reserves | $ 8,349 | $ 7,000 |
Balance Sheet Details - Propert
Balance Sheet Details - Property Plant & Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property Plant & Equipment [Abstract] | ||
Buildings and Land Gross | $ 5,024 | $ 5,024 |
Machinery and Equipment, Gross | 21,870 | 20,277 |
Furniture and Fixtures, Gross | 3,400 | 3,387 |
Computer Equipments And Software Gross | 6,173 | 5,819 |
Leasehold Improvements, Gross | 7,758 | 7,774 |
Property, Plant and Equipment, Gross | 44,225 | 42,281 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 32,047 | 29,343 |
Property, Plant and Equipment, Net | $ 12,178 | $ 12,938 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 30,348 | $ 30,348 |
Other | 933 | 1,493 |
Total Other Assets | $ 31,281 | $ 31,841 |
Balance Sheet Details - Other C
Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Liabilities [Abstract] | ||
Estimated Litigation Liability, Current | $ 3,252 | $ 3,252 |
Deferred Revenue | 7,283 | 7,045 |
Contingent Consideration Current Liability | 1,299 | 1,267 |
Other Current Liabilities Subtotal | 7,292 | 5,624 |
Other Liabilities, Current | $ 24,095 | $ 17,188 |
Balance Sheet Details - Other N
Balance Sheet Details - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Non-current Liabilities [Abstract] | ||
Unrecognized Tax Benefits | $ 3,086 | $ 3,178 |
Contingent consideration - Acquisition non-current liability | 3,083 | 3,797 |
Other Liabilities | 4,385 | 2,626 |
Other Liabilities, Noncurrent | $ 10,554 | $ 9,601 |
Debt Obligations - (Details)
Debt Obligations - (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2011 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jul. 25, 2011 | |
Debt Obligations [Abstract] | |||||||
Convertible Debt | $ 60,000 | $ 60,000 | $ 60,000 | $ 60,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 77.241 | ||||||
Note increment for which conversion amount of Common Stock based | $ 1 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 12.95 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 17 | ||||||
Proceeds from Convertible Debt | $ 50,249 | ||||||
Debt Instrument, Unamortized Discount | 2,749 | 2,749 | 5,227 | ||||
Convertible Debt, Current | 57,251 | 57,251 | 0 | ||||
Convertible senior notes | 0 | 0 | $ 54,773 | ||||
Contractual Interest Coupon | 562 | $ 563 | 1,687 | $ 1,688 | |||
Amortization of Debt Discount (Premium) | 852 | 772 | 2,478 | 2,246 | |||
Amortization of Financing Costs | 112 | 94 | 319 | 268 | |||
Interest Expense, Debt | $ 1,526 | $ 1,429 | $ 4,484 | $ 4,202 |
Commitments and Contingencies48
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | ||||
Standard Product Warranty Accrual | $ 1,860 | $ 1,495 | $ 1,574 | $ 1,551 |
Product Warranty Accrual, Warranties Issued | 1,937 | 1,471 | ||
Product Warranty Accrual, Payments | $ 1,651 | $ 1,527 |
Legal Matters (Details)
Legal Matters (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Aug. 08, 2014 | |
Commitments and Contingencies [Abstract] | ||
Estimated Litigation Liability | $ 3,252 | |
Subsequent Event [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 14,512 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Restricted Stock Units Activity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,056 | 805 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.14 | $ 11.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 841 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.61 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 559 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 10.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 11.02 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7,632 | $ 5,492 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 30 days | 3 years 4 months |
Other Income - (Details)
Other Income - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Income (Expense) [Abstract] | ||||
Foreign currency exchange losses (gains), net | $ (327) | $ 337 | $ 99 | $ 372 |
Total other expenses (income) | $ (327) | $ 337 | $ 99 | $ 372 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 10,880 | $ 2,835 | $ 22,633 | $ (9,201) | |
Income Tax Expense (Benefit) | $ 3,682 | $ 3,833 | $ 7,560 | $ (3,067) | |
Effective Income Tax Rate | 33.80% | 135.20% | 33.40% | 33.30% | |
Valuation Allowance, Amount | $ 1,910 | $ 1,910 | $ 2,445 |
Restructuring and asset impai53
Restructuring and asset impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring Reserve, Current | $ 99 | $ 764 |
Restructuring Costs | 0 | |
Payments for Restructuring | $ (665) |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock Options Antidilutive securities excluded from computation | 238 | |||
Restricted Stock Unit Antidilutive excluded from computation | 0 | |||
Stock Options Excluded from Computation of diluted loss per share | 654 | |||
Restricted stock units excluded from Computation of diluted loss per share | 1,247 | |||
Net Income (Loss) Attributable to Parent | $ 7,198 | $ (998) | $ 15,073 | $ (6,134) |
Weighted Average Number of Shares Outstanding, Basic | 31,526 | 33,237 | 31,597 | 33,205 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 678 | 0 | 658 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 32,204 | 33,237 | 32,255 | 33,205 |
Earnings (Loss) Per Share, Basic | $ 0.23 | $ (0.03) | $ 0.48 | $ (0.18) |
Earnings (Loss) Per Share, Diluted | $ 0.22 | $ (0.03) | $ 0.47 | $ (0.18) |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Stockholders' Equity Attributable to Parent | $ 269,843 | $ 267,328 |
Accumulated Translation Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | 2,789 | 2,685 |
Net current period other comprehensive gain (loss) | 104 | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | (60) | (33) |
Net current period other comprehensive gain (loss) | (27) | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | 2,729 | $ 2,652 |
Net current period other comprehensive gain (loss) | 77 | |
Reclassification of accumulated other comprehensive income (loss) | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
Inspection Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 35,812 | 23,134 | 96,499 | 63,987 |
Metrology Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,931 | 2,692 | 21,176 | 13,093 |
Data Analysis & Review [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,992 | 5,463 | 19,928 | 18,393 |
Lithography Revenue [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,249 | 7,304 | 7,095 | 10,961 |
Sales Revenue, Goods, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,176 | 4,939 | 17,627 | 15,051 |
Sales Revenue, Services, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,437 | 3,428 | 8,308 | 10,142 |
Sales Revenue, Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
Sales [Member] | Percentage of Inspection Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 61.00% | 49.00% | 57.00% | 49.00% |
Sales [Member] | Percentage of Metrology Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 7.00% | 6.00% | 12.00% | 10.00% |
Sales [Member] | Percentage of Data Analysis & Review [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 12.00% | 12.00% | 12.00% | 14.00% |
Sales [Member] | Percentage of Lithography Revenue [Member] [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 6.00% | 16.00% | 4.00% | 8.00% |
Sales [Member] | Percentage of Parts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 11.00% |
Sales [Member] | Percentage of Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 4.00% | 7.00% | 5.00% | 8.00% |
Sales [Member] | Percentage of Total Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 9,455 | $ 19,683 | $ 38,876 | $ 39,320 |
TAIWAN, PROVINCE OF CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,035 | 14,592 | 38,623 | 34,774 |
JAPAN | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,881 | 1,236 | 8,113 | 7,589 |
CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,529 | 1,807 | 13,474 | 8,932 |
South Korea [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,945 | 1,434 | 13,184 | 9,873 |
SINGAPORE | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,568 | 1,890 | 20,847 | 12,707 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,571 | 52 | 2,428 | 1,821 |
GERMANY | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,716 | 3,166 | 24,741 | 8,418 |
Other Europe [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,897 | 3,100 | 10,347 | 8,193 |
Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
Segment Reporting and Geograp57
Segment Reporting and Geographic Information Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,455 | 19,683 | 38,876 | 39,320 |
TAIWAN, PROVINCE OF CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,035 | 14,592 | 38,623 | 34,774 |
JAPAN | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,881 | 1,236 | 8,113 | 7,589 |
CHINA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,529 | 1,807 | 13,474 | 8,932 |
South Korea [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,945 | 1,434 | 13,184 | 9,873 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,571 | 52 | 2,428 | 1,821 |
GERMANY | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,716 | 3,166 | 24,741 | 8,418 |
Other Europe [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,897 | 3,100 | 10,347 | 8,193 |
Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,597 | $ 46,960 | $ 170,633 | $ 131,627 |
Share Repurchase Program - (Det
Share Repurchase Program - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jan. 28, 2015 | |
Share Repurchase Program [Abstract] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000 | 3,000 | ||||
Stock Repurchased and Retired During Period, Shares | 468 | 138 | 1,401 | 238 | 1,353 | |
Additional shares available for future purchase | 1,353 | |||||
Shares available for future repurchase | 1,599 | 1,599 | ||||
Stock Repurchased During Period, Value | $ 5,946 | $ 1,344 | $ 17,143 | $ 2,331 | ||
StockRepurchasedAndRetired-AveragePricePerShare | $ 12.70 | $ 9.78 | $ 12.24 | $ 9.81 |